Quote:
Originally Posted by Titan
I know and am fine with that. But I guess the question is how the bank will deal with the situation. We can afford the mortgage payments but will they renew for a value higher than the value of the house? If not, what are the options, I guess is what I was asking? Will they say, you are $75,000 over the value of the house so you have to write a cheque for that today? Then it would be jinlgle mail time. Not really but you know what I am saying?
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I'm assuming you mean you have 1 year till your renewal date.
Even if your house is worth less than what you owe, unless you are looking for more moneyto be added to your mortgage, the bank won't make you pay anything. There are a lot of people who put 5% down or even did the Free downpayment thing that have taken a loss. If it's just a straight renewal, you won't have to pay any of the shortfall or any of that, just set your new rate and term.